Great Option For US To Open An Offshore Bank Account

FATCA made it extremely difficult for US citizens to open offshore bank accounts and this is applied to all, who hold a US passport (even if they lived abroad) are liable for tax in the US as well as US non-citizen who are tax residents in the US.

The banks that denied US persons usually denied both US citizens and persons living in the US to open personal or business bank accounts. Banks prefer the 'better safe than sorry' approach that excludes American clients, since the compliance with US rules and FATCA reporting requires additional development and cost with the legal and compliance procedures of each bank.

During the last years, many US persons faced a situation where suddenly received a notice from their bank that their bank account will be closed in recent months, explaining in a letter that bank's services are no longer available to US citizens.